Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The closing balance sheet items are given below for Huwei Pty Ltd as at 30 June 2018: Cash at bank $51,100 Accounts receivable $2,000 Accounts

The closing balance sheet items are given below for Huwei Pty Ltd as at 30 June 2018:

Cash at bank

$51,100

Accounts receivable

$2,000

Accounts payable

$3,900

Capital

38,000

Service fees

$126,500

Office equipment

$3,500

Wages

$10,000

Electricity

$600

Advertising

$1,200

Retained earning

$30,000

Loan balance (for another 5 years)

$50,000

The company decided to distribute $180,000 as dividends at the end of July 2018

Required:

  1. Prepare an income statement for Huwei Pty Ltd for the month ended 31 July 2018
  2. Prepare a balance sheet for Huwei Pty Ltd as at 31 July 2018

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Auditing An Integrated Approach

Authors: Richard Cascarino

1st Edition

0702166693, 978-0702166693

More Books

Students also viewed these Accounting questions

Question

=+ (a) Prove that (22.21) E[S,] = E[X]]E[+].

Answered: 1 week ago